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EURUSD Elliot Waves Analysis For 21 January 2016

21 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 21 January 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded long and ended up finding a resistant just below 1.098. Assuming 1.098 to be the end of wave (4), the current downward movement is the unfolding of wave(5). We expect the price to continue short with an ultimate target at the lower supportive trend line. This pair should be trade alongside other positively correlated pairs such as EUR/AUD, EUR/CAD, EUR/GBP and USD/CAD. These pairs have a strong positive correlation of up to +0.91 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation.

Remain Short with an ultimate target at lower supportive trend line.

Graham Osano
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